Still Have 2000 Rupee Note? RBI Offers Convenient Option for 2,000 Rs Note Deposits

2000 rupees note

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As of May 19, 2023, the Reserve Bank of India (RBI) initiated the withdrawal of ₹2,000 denomination banknotes from circulation. Over 97% of these notes have been returned. To make this process hassle-free for the public, the RBI has introduced a novel option.

Sending Rs 2,000 Notes for Direct Bank Account Credit Via Insured Post

Individuals can now send their 2000 rupees notes to the RBI’s regional offices via insured post, enabling direct credit to their bank accounts. This is especially beneficial for those unable to visit the RBI’s regional offices in person. The RBI has introduced a Triple Lock Receptacle (TLR) form to simplify the deposit process

Background of the 2000 Rupees Note

The ₹2,000 banknote was introduced in November 2016 to meet the currency needs of the economy post-demonetization of ₹500 and ₹1,000 notes. However, most of these notes were issued before March 2017 and are approaching their estimated lifespan of 4-5 years. Furthermore, the ₹2,000 denomination isn’t widely used for transactions, leading the RBI to withdraw it as part of its “Clean Note Policy.”

Legal Tender Status

It’s crucial to note that ₹2,000 banknotes still maintain their legal tender status, allowing their use in transactions and payments.

Public Recommendations

While these banknotes remain valid, the RBI encourages the public to deposit or exchange them by September 30, 2023, with the facility available at all banks and 19 Regional Offices of RBI. The deadline for deposit/exchange at bank branches was extended until October 7, 2023.

2000 Rs Note Deposit Deadline

After October 7, 2023, individuals can continue to exchange these notes at the 19 RBI Issue Offices, with a limit of ₹20,000 per transaction. Depositing these notes into a bank account in India is also an option, subject to RBI/Government regulations, valid identity documents, and due diligence.

The 19 RBI offices where individuals can deposit or exchange these banknotes are located in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

How to Send Rs 2,000 Banknotes via India Post

Sending Rs 2,000 banknotes to RBI Issue offices through India Post involves a few essential steps. To begin, individuals must submit the necessary documents along with a completed application form to India Post.

Required documents include Aadhaar Card, Driving License, Voters ID Card, Passport, NREGA Card, PAN Card, or an identity card issued by a Government Department or Public Sector Unit.

Include the following bank account details:

– Account Holder’s Name

– Account Number

– Account Type

– Bank Name

– Branch Name and Address

– IFSC Code

Ensure that your account is KYC compliant, and provide a copy of valid documents and a bank account statement or Passbook’s first page with account details.

This new option for sending 2000 rupees notes for direct bank account credit, along with the extended deposit/exchange facility, aims to ease the transition as these notes are phased out of circulation. It offers a secure and convenient way for individuals to manage their ₹2,000 banknotes in line with the RBI’s Clean Note Policy.

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